Larger-than-expected inventories drop pushes oil higher

SAN FRANCISCO (MarketWatch) -- U.S. crude-oil inventories fell by 7.5 million barrels in the week ended July 11, the Energy Information Administration said Wednesday. Analysts polled by Platts had expected a decline of 3 million barrels. Oil futures on the New York Mercantile Exchange added to gains after the report, with oil for August delivery up $1.19, or 1.2%, to $101.15 a barrel. The EIA also said that gasoline stockpiles rose by 200,000 barrels, and distillate inventories, which include heating oil, increased by 2.5 million barrels. The analysts surveyed by Platts had expected gasoline inventories to increase 1.2 million barrels, and distillates stocks to increase 2 million barrels.

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